WHY THE MEDICAL DEVICE INDUSTRY IS A GROWTH LEADER IN CLINICAL RESEARCH?
The compound annual growth rate (CAGR) is 50% higher in medical
devices than in the rest of the clinical research industry:
GROWTH DRIVERS :
The FDA, EMA, and other regulators are eliminating red tape.
A growing middle class in Asia is demanding more high-quality devices.
As clinical research becomes more advanced, more sophisticated devices are necessary.
SUCCEEDING IN A GROWING INDUSTRY
TO REMAIN COMPETITIVE, DEVICE ORGANIZATIONS
NEED AN ECLINICAL PLATFORM THAT IS
EASY TO USE
Eliminate reliance on programming staff and professional services
Avoid paying for modules and functionality your simple studies don’t need
Keep your timelines short, take on more trials, and get products to market faster
What makes the medical device industry a growth leader in clinical research? This infographic takes a closer look at developments in medical devices, explores the drivers behind industry expansion, and also discusses current challenges, including changes to clinical trial regulations like the FDA’s overhaul of the 510(k) pathway.
It’s a surge: the compound annual growth rate (CAGR) in medical device is 50% higher than the rest of the clinical research industry. While the industry at large grew a healthy 10% with 27,539 trials in 2010 to 53,793 trials in 2017, medical device has expanded even more greatly at 15.3% with 1,851 trials in 2010 to 5,006 trials in 2017. This climb, however, is not evenly distributed geographically – growth is mainly concentrated in Asia. The CAGR from 2010 – 2017 was 27.4% in China, 24.7% in India 24.1% in Vietnam, 24.1% in Malaysia, 24.1% in Japan, and 21% in Australia.
Growth Drivers in Medical Device Clinical Research
There are three primary drivers responsible for this rise. First, regulatory shifts from the FDA, EMA and other bodies are eliminating red tape. On top of this, increased demand for high-quality medical devices is growing due to the expanding middle class in Asia. These two factors combine with the fact that as clinical research becomes more advanced, it is simply necessary to have more sophisticated devices in order to keep up with the times.
Still, despite industry growth and the new opportunities that come with it, challenges remain for many organizations. Compliance can be particularly difficult to keep up with since clinical trial regulations are shifting. The efforts to update the 510(k) pathway could lead to stricter data requirements and increased scrutiny. Also, as the device industry grows, more organizations will enter the game and the race to be first to market will become ever more competitive.
Take a look at this infographic now for all the latest facts on medical device opportunities and challenges. For more useful information and to get a bird’s eye view of clinical trial developments, be sure to check out others in our infographic series. Medrio is here to support diagnostics researchers with an eClinical platform that has helped many stay competitive through a low TCO, greater speed, and enhanced efficiency.